Venture Capital
How DeFi Protocols Make Money: The Three Business Models Behind Lending, Trading, and Yield Aggregation
DeFi protocols generate revenue through three primary business models: lending, decentralized exchanges, and yield aggregation, each with distinct revenue streams and beneficiaries. Understanding who collects fees—liquidity providers, users, or governance token holders—is crucial for evaluating a protocol's value accrual and sustainability.
Marco Giuliani·October 25, 2026
